EURUSD - Trend continuation short

Today, we see an upthrust on EURUSD at the top of the channel.

After NFP, the immediate trend has turned bearish and I will be looking for more shorting opportunities.
The immediate support we can see is 1.2280, and we have to observe what happens when it hits the support there.

If you go short on EURUSD, the stops has to go above the recent high.

Easily a 1:1 R:R trade here.

I am short at 1.2375 with stops at 1.243 and target open for now.

Note

EURUSD has dropped about 60 pips since my post.

The critical support at 1.2280 must be watched closely.

If it is broken below strongly, I will have my eyes set at 1.2 as my target profit.

Note

Took partial profits for this trade at 1.2280.

Might add more short positions when it comes back to challenge the top of this channel.

Vol analysis is critical at top of channel.

Note

+95 pips for my 1st batch of profits.

Note

Rebounding nicely as expected. Be patient and watch top of channel for shorting opportunities again.

Note

Price has reached top of channel.

The red candle which just closed has decent volume.

Re-entered short with stops at 1.2310 targeting 1.2.

Note

I am stopped out of my final ticket of short. -50 pips.

I might short again, depending on price activity at the next critical resistance level around 1.2350.

I hope to see some upthrust exhaustion volume.

Note

EURUSD bull likely to continue until top of channel

TerryHarmonicTrading

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TerryHarmonicTrading

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